Published On : 04 May 2018
Olive oil is an edible oil that is being consumed by people all around the world. It is rich in nutrition and taste, which makes it a preferable choice among a wide range of population across the world. The consistent demand for olive oil from end-use industries is expected to propel the global market throughout the forecast period. Olive oil finds application in the food and beverages industry, the beauty care and cosmetics industry, and the pharmaceutical industry. The steady growth of these industries is likely to boost the demand for olive oil.
Change in Lifestyle to Support Global Market Growth of Olive Oil
The global market for olive oil is anticipated to witness a significant development owing to increase in awareness among the people regarding the various health benefits of using olive oil in their daily diet. Moreover, the substantial economic growth is another factor fuelling the demand in global olive oil market. Besides, western lifestyle is noticeably adopted by the people of developed countries. This is attributed to be among the major driving factors boosting the growth in global market.
On the basis of type, the global olive oil market is segmented into light olive oil, extra virgin olive oil, pure olive oil, olive pomace oil, virgin olive oil, and refined olive oil. Among these, the extra virgin olive oil is a leading quality olive oil, presently used by a majority of health-conscious population. This is due to the property that the extra virgin olive oil contains even less than one percent acidity, and thus has achieved a lot of popularity all over the world.
Europe and North America to Lead Owing to High Demand for Olive Oil in the Regions
Depending upon geography, Australia and the U.S. are about to standardize the consumption of olive oil on the global level. This is expected to fillip the demand notably in developing countries. The growth in demand for olive oil in regions of North America and Europe is likely to make these regions among the most lucrative markets for olive oil.
At present, the production of olive oil in nations for example India and Brazil is comparatively less. Nevertheless, the constant efforts are being taken by developing countries to increase their production in order to meet the growing demand.
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Some of the major firms leading the global olive oil market are Borges, Deoleo, Salov, Ybarra, and Sovena Group. By providing new olive oil-based products in several regions, these major organizations are anticipated to maintain their sway over the market in the next couple of years. Leading organization are prognosticated to experience an increased level of competition from the new firms in the forthcoming years.
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